Exhibit 12.1
Marsh & McLennan Companies, Inc. and Subsidiaries
Ratio of Earnings to Fixed Charges
(In millions, except ratios)
Six Months Ended June 30, 2008 (Unaudited) | Years Ended December 31, | |||||||||||||||||
2007 | 2006 | 2005 | 2004 | 2003 | ||||||||||||||
Earnings | ||||||||||||||||||
Income before income taxes and minority interest | $545 | (a) | $ | 847 | $ | 912 | $ | 302 | $ | 283 | $ | 1,771 | ||||||
Interest expense | 111 | 267 | 303 | 332 | 219 | 185 | ||||||||||||
Portion of rents representative of the interest factor | 79 | 170 | 170 | 149 | 153 | 141 | ||||||||||||
$735 | $ | 1,284 | $ | 1,385 | $ | 783 | $ | 655 | $ | 2,097 | ||||||||
Fixed Charges | ||||||||||||||||||
Interest expense | $111 | $ | 267 | $ | 303 | $ | 332 | $ | 219 | $ | 185 | |||||||
Portion of rents representative of the interest factor | 79 | 170 | 170 | 149 | 153 | 141 | ||||||||||||
$190 | $ | 437 | $ | 473 | $ | 481 | $ | 372 | $ | 326 | ||||||||
Ratio of Earnings to Fixed Charges | 3.9 | 2.9 | 2.9 | 1.6 | 1.8 | 6.4 | ||||||||||||
(a) | Excludes the Kroll non-cash goodwill impairment charge of $540 million recorded in 2008. |